Call 866-869-3335 to Get the Right Commercial Auto Liability Insurance for Your Business at an Affordable Rate
Many business owners require the use of vehicles/trucks to conduct business services, transport freight, or haul passengers; therefore, it is mandated that N.C. business owners carry commercial auto liability insurance protection. Each time you or one of your employees gets behind the wheel, the unexpected can happen, exposing your company’s assets to financial ruin without the right insurance protection. The good news is that Paramount Insurance Agency can get the right commercial auto liability insurance for your business at an affordable rate.
What is Commercial Auto Liability Insurance?
Commercial Auto Liability insurance is designed to protect you against costs associated with Property Damage(s) or Bodily Injury to other people caused by you or one of your employees while operating one of your fleet cars, trucks, or vans. Simply put, if you use a car, van, or truck for business purposes, or run a fleet of these types of vehicles, you are required to carry N.C. commercial auto
liability insurance.
For example, imagine that while one of your employees is transporting goods to a specific destination, he falls asleep at the wheel, goes left of center and collides head on with an oncoming car. This accident results in a 5-day hospitalization and subsequent surgery of the other driver. The Bodily Injury (BI) portion of the commercial auto liability insurance policy is there to pay for incurred medical expenses, surgical costs, physical therapy, funeral expenses, legal expenses, and pain and suffering, up to the chosen limit of liability.
The Property Damage (PD) portion of the liability insurance policy is there to pay for any costs associated with damages you or your employee causes in that business vehicle, up to the specified limit of liability. For example, in this situation, it would be the cost to replace or repair the car of the other driver.
Limits of Liability
While the minimum mandated limits of a commercial auto liability policy are the same as a personal auto liability policy, most businesses choose much higher limits in an effort to adequately protect your company’s assets. Commercial Auto Liability insurance is represented with specified limits that can be described in split limits or combined single limit and represent the maximum amount your
insurer will agree to pay for an accident. A split limit is broken down into 3 segments that may look like 30/60/25.
- 30 represents the maximum amount ($30,000) your insurer will pay per person per accident
- 60 represents the aggregate amount ($60,000) your insurer will pay for all person(s) suffering injuries, per accident, not to exceed $30,000 per person
- 25 represents the total amount ($25,000) to pay for all property damages, per accident
A combined single limit (CSL) is used to describe the limits for both Bodily Injury and Property Damage combined. In this case, there is no exact limit per person, just a maximum amount available to be paid to cover all injuries and property damage(s) that you or an employee causes in an accident. For example, if you have a CSL of $1 million, this is the total amount available to cover ALL bodily
injury and property damage claims.
Don’t Put Your Company at Risk
Paramount Insurance Agency understands the need to adequately assess your specific business to determine how much commercial auto liability insurance best fits your N.C. business needs. Don’t put your company at risk by not having the right type of insurance or being underinsured.